Word: bailouts
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...fresh wave of sobriety among many consumers is likely to speed the shrinking of overbuilt parts of the economy, including retailing, real estate and car dealerships. Pleading for more money last week, officials in charge of the S&L bailout warned the Senate Banking Committee that real estate values are in a "free fall" that makes a mockery of attempts to estimate the total cost of the rescue. Meanwhile, the National Automobile Dealers Association predicted that 1 out of 5 car dealers may go out of business in the next two years...
...well as the FDIC in 1989 but also to insulate him from outside pressures. That helped a lot when Seidman and Treasury officials began feuding publicly about how best to clean up the S&L mess. At one point the Treasury floated a proposal that the bailout be financed by a fee on bank deposits. Seidman ridiculed the idea as "the reverse toaster theory -- instead of the bank giving you a toaster, you give one to them." The White House started letting it be known that Bush was "interested in getting new leadership" on the S&L problem...
...Bank of New England collapse may have ended prospects for a long-sought reform to limit federal-insurance coverage. The Administration and leading lawmakers want to restrict depositors to a total of $100,000 in federal insurance per bank; in the S&L bailout, some big customers are being repaid the full $100,000 for each of several accounts in a single institution. Yet any move to cut back this blanket coverage could lead to the type of bank panics that the FDIC sought to avert in New England. "You only exacerbate the problem of runs when you limit insurance...
...including the flagship Bank of New England, after the firm predicted a loss of up to $450 million for the fourth quarter of 1990. On Jan. 6, a Sunday, the government seized the banks and said it would immediately pump in $750 million as part of a $2.3 billion bailout financed by the FDIC fund. The rescue covered more than $2 billion in accounts worth more than $100,000, and $55 million in uninsured deposits at foreign branches...
...major banking rescue raises questions of fairness. The bailout boss is a sharp-talking gunslinger. The House banking chairman blasts lawmakers and lobbyists alike...